Iranian deputy oil minister: Public investment can help implement oil projects

Iran Materials 24 September 2012 12:31 (UTC +04:00)

Azerbaijan, Baku, Sep.24/ Trend F.Milad/

The Iranian oil industry can be developed more through channelling people's financial assets into projects, the deputy oil minister has said.

Some 40-50 billion dollars should be invested annually in the oil sector, Mohsen Khojasteh-Mehr added, the Shana news agency reported.

He referred to buy-back and issuing bonds as the means of financing oil projects.

In July, Iran's central bank opened a $10 billion line of credit for several upstream domestic oil projects.

Projects will also be funded by using 18 per cent of the National Development Fund's assets, selling $10 billion of foreign currency bonds and 15 trillion of rial-denominated bonds and by selling $10 billion worth of shares in Oil Ministry properties.

Iran puts 20 per cent of its oil revenues into a development fund which will reach $55 billion by the end of the Iranian year on March 20, 2013.